A broad smile crept across Visteon Corporation CEO and President Timothy D. Leuliette’s face as he announced the $265 million acquisition of the last remaining piece of Johnson Controls Inc.’s Automotive Electronics division assets in the Holland area.

“It came together this morning,” he said of the deal. “As a matter of fact, I was watching money transfer around the world until it filled different buckets. The money was moving around until about five minutes before our announcement.”

Local leaders reacted with enthusiastic approval to the sale.

“I think it’s a great thing,” Holland Mayor Kurt Dykstra said. “Clearly, we’ve had a wonderful experience having the Prince Corporation, then Johnson Controls, in our community. Now, Visteon continues that great legacy of automotive innovation on a global basis.

“It’s vital,” he said of making sure no jobs are lost as part of the JCI selloff. “Johnson Controls has always been one of our largest employers, and Prince was before that. Visteon is just continuing their legacy. It’s difficult to overstate how important that is.”

Lakeshore Advantage President Jennifer Owens agreed.

“I couldn’t be more excited to have them here, and I look forward to the future as this company grows in our region,” she said. “Today is really about welcoming a leader in the automotive industry to this community. The commitment was not only to maintain, but to grow, here as well.

“We will be by their side to make sure that happens.”

JCI sold off nearly $1 billion worth of its assets in Holland during the past 13 months.

It completed a $700-million transaction with the sale of its HomeLink Electronics unit to Gentex Corporation, of Zeeland, in July 2013.

It entered into a joint venture with Yanfeng Automotive of Shanghai, China, selling a 70-percent management stake in its Interiors unit in May, and then sold its Maplewood plant, which manufactures interior components, to Motus Integrated Technologies last month.

The amounts involved in the Yanfeng and Motus transactions have not been disclosed.

The sale to Visteon makes it the third largest supplier of vehicle cockpit electronics in the world. It supplies nine of the world’s 10 largest vehicle manufacturers.

“It’s a very critical move for us,” Leuliette said. “This center here is one of the largest providers of that technology in the world. Combining JCI and Visteon gives us the power to be No. 3 in the world, kind of pushing on No. 2.”

Visteon acquires 109,500 square feet of research and manufacturing space inside the Prince Technology Center at 915 32nd St., just off Waverly Avenue, on Holland’s south side.

The Sentinel has been told by multiple sources Visteon has signed a five-year lease agreement to remain in Holland. Leuliette confirmed it is a multi-year agreement, but did not specify its actual length.

Page 2 of 2 - He said the $3 billion company, which is headquartered in Van Buren Township just outside Detroit, is poised for future growth in Holland and expansion in multiple markets around the globe.

“We’re staying here,” Leuliette said. “We’re here for multiple years. The question is what do we need beyond that, because, as I said, this is a pretty growth-focussed and dynamic business.”